U.S Stocks Nose-Dive, Weighed By Fears Of Rate Increase And Tumbling Crude Prices
Sp500 index has witnessed the biggest losing session on Friday since June 27 when the benchmark dropped more than 1%. Investors were rattled by hawkish comments by Federal Reserve officials that backed a U.S. interest rate hike while a slump in crude prices dragged down energy sector.
Boston Fed President Eric Rosengren, who is a voting member of the Fed’s policy committee and therefore will have a vote in the Fed’s decision, stated on Friday that “based on data that we have received to date…a reasonable case can be made for continuing to pursue a gradual normalization of monetary policy”.
None of 10 S&P500 sectors traded in the green. Two worst performers are utilities and telecoms that were both down around 3%. Energy shares, dropped 2.1 percent, due to more than 3% decline in crude prices.
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